Surprising Poll Results: Millennials and Gen Z Choose Financial Stability Over TikTok Followers

Healthy credit score or 50,000 TikTok followers? A new poll shows that, given the choice, younger generations would choose good financials over social media clout. 

TikTok Fame or Good Credit?

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A new survey has asked 1000 young people – 500 GenZers and 500 Millennials – if they would prefer to have an “excellent” credit score, or 50,000 followers on TikTok, and their answers may surprise you.

Credit Sesame Poll

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The poll, which was carried out by credit and loan company Credit Sesame, showed that 9 out of 10 people under 40 would choose good personal financials over a substantial degree of social media attention.

Pushing Back Against Stereotypes

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These results may fly in the face of stereotypes that paint young people, particularly Gen Z, as social media obsessed.

750 Credit Score

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Despite the stereotype, 92% of the Gen Z participants stated their preference for a 750 credit score.

Young People Get a Bad Rap

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Founder of Credit Sesame Adrian Nazari, discussed these results in further depth, claiming that the survey responses suggested that younger generations were being mischaracterized as financially irresponsible.

Stereotypes Stand Debunked

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“In this survey, we unearthed a remarkable truth – the perceived stereotypes of young people and their approach to their credit and finances stands debunked,” he said.

“They comprehend that a strong credit history is the linchpin of financial wellness.”

More Financial Insights

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The survey shared even more insights into the specifics of Gen Z/Millennial finances, including the age at which they began building credit and how much they understand about credit scores and personal finances.

Lack of Understanding Around Credit

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42% of participants reported their understanding of credit scores as ‘average to poor,’ 19% failed to identify the correct definition of terms like ‘debt’ and ‘credit,’ and one-third believed that regularly checking your credit rating would have an impact on your score.

No Credit for Some

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The average Millennial began building credit at 23 years old, and 10% of Gen Z participants do not have any credit card or indeed a credit score.

An Opportunity for Education

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Nazari and researchers at Credit Sesame believe that their survey could provide a much-needed opportunity to better educate young Americans about building and maintaining credit scores, as well as overall financial health and security.

Held Back by Debt

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“They lack the education to make more informed choices like the 80% of Gen Z and Millennials who feel their debt is preventing them from owning homes, saving for retirement, and having children,” he said.

Education and Empowerment

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“With 42% of respondents admitting they have a poor understanding of how credit scores work, we have a huge opportunity to educate and empower the younger generations,” he said.

Much Needed Optimism

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It’s likely that a better understanding of personal finances would help Gen Z and Millennials to feel more positive about their financial future, something that is needed during a time when higher inflation, higher interest rates, and increasing cost of living are taking their toll on younger people.

Money Dysmorphia

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According to a different survey, this time by personal finance company Credit Karma, 43% of Millennials and Gen Z describe themselves as having “money dysmorphia.”

Flawed Financial Perceptions

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Money dysmorphia is described as a flawed perception of one’s own finances due to fear and anxiety around money matters.

Feelings of Falling Behind

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Of those surveyed, 48 percent of Gen Z participants felt they were behind their peers financially, and a surprising 59% of Millennials shared this sentiment.

Self-Aware Youth

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Young people are self-aware of these negative feelings, too. 95% of participants reported that their “obsession” with their money, or lack thereof, was having a negative impact on their financial health.

On the Path to Greater Financial Independence

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Nazari feels that while younger generations feel a lot of anxiety around finances, it’s because they care about their financial health.

“They care about building and maintaining a positive credit history,” he affirmed. “So that they can achieve greater financial independence.”

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The post Surprising Poll Results: Millennials and Gen Z Choose Financial Stability Over TikTok Followers first appeared on Thrift My Life.

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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.